Deutsche Bank AG Reaffirms “Buy” Rating for Best Buy Co., Inc. (BBY)
Deutsche Bank AG reiterated their buy rating on shares of Best Buy Co., Inc. (NYSE:BBY) in a research report sent to investors on Thursday morning. They currently have a $58.00 price objective on the technology retailer’s stock.
Several other equities research analysts have also recently commented on the company. Wedbush restated an underperform rating and issued a $29.00 target price on shares of Best Buy Co. in a research note on Monday, May 22nd. UBS AG restated a buy rating and issued a $51.00 target price (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Jefferies Group LLC boosted their target price on Best Buy Co. from $43.00 to $51.00 and gave the company a hold – buy rating in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Finally, Telsey Advisory Group boosted their target price on Best Buy Co. from $53.00 to $66.00 and gave the company an outperform rating in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $58.92.
Shares of Best Buy Co. (NYSE:BBY) opened at 58.61 on Thursday. Best Buy Co. has a one year low of $37.10 and a one year high of $63.32. The stock has a 50 day moving average of $58.80 and a 200 day moving average of $53.65. The stock has a market cap of $17.54 billion, a P/E ratio of 15.51 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period in the previous year, the firm earned $0.57 EPS. Best Buy Co.’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities analysts expect that Best Buy Co. will post $4.05 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is 35.88%.
In other Best Buy Co. news, CEO Hubert Joly sold 14,734 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $882,861.28. Following the transaction, the chief executive officer now directly owns 540,694 shares of the company’s stock, valued at approximately $32,398,384.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Corie S. Barry sold 787 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the transaction, the chief financial officer now directly owns 54,159 shares in the company, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,328 shares of company stock worth $8,436,505. Insiders own 1.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of BBY. BlackRock Inc. grew its holdings in Best Buy Co. by 1,859.1% in the 1st quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Best Buy Co. in the 1st quarter valued at $265,777,000. Renaissance Technologies LLC grew its holdings in Best Buy Co. by 762.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after buying an additional 3,119,700 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Best Buy Co. by 78.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock valued at $183,979,000 after buying an additional 1,645,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Best Buy Co. by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. 86.46% of the stock is currently owned by hedge funds and other institutional investors.
About Best Buy Co.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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